FORUM ENERGY TECHNOLOGIES INC
For the period ended Mar 31, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
FET$72.08+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed consolidated statements of cash flows
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net loss | $(10,315) | $(3,486) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation expense | 4,072 | 2,570 |
| Amortization of intangible assets | 9,766 | 6,016 |
| Inventory write down | 534 | 892 |
| Stock-based compensation expense | 1,573 | 841 |
| Deferred income taxes | (1,002) | 421 |
| Noncash losses and other, net | 1,299 | 1,398 |
| Changes in operating assets and liabilities | ||
| Accounts receivable—trade | 8,783 | (10,047) |
| Inventories | 8,577 | (18,123) |
| Prepaid expenses and other assets | 2,694 | 1,037 |
| Cost and estimated profit in excess of billings | 2,822 | 769 |
| Accounts payable, deferred revenue and other accrued liabilities | (24,071) | (5,527) |
| Billings in excess of costs and estimated profits earned | 291 | 111 |
| Net cash provided by (used in) operating activities | 5,023 | (23,128) |
| Cash flows from investing activities | ||
| Capital expenditures for property and equipment | (2,910) | (1,083) |
| Proceeds from sale of property and equipment | 177 | 264 |
| Payments related to business acquisition, net of cash acquired | (150,086) | — |
| Net cash used in investing activities | (152,819) | (819) |
| Cash flows from financing activities | ||
| Borrowings on Credit Facility | 245,167 | 119,426 |
| Repayments on Credit Facility | (148,696) | (94,426) |
| Proceeds from issuance of Seller Term Loan | 59,677 | — |
| Payment of capital lease obligations | (147) | (273) |
| Deferred financing costs | (3,070) | — |
| Repurchases of stock | — | (3,497) |
| Payment of withheld taxes on stock-based compensation plans | (1,090) | (1,873) |
| Net cash provided by financing activities | 151,841 | 19,357 |
| Effect of exchange rate changes on cash | (1,722) | 325 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 2,323 | (4,265) |
| Cash, cash equivalents and restricted cash at beginning of period | 46,165 | 51,029 |
| Cash, cash equivalents and restricted cash at end of period | $48,488 | $46,764 |
| Noncash activities | ||
| Operating lease right of use assets obtained in exchange for lease obligations | $2,775 | $1,835 |
| Finance lease right of use assets obtained in exchange for lease obligations | 750 | 926 |
| Stock issuance related to business acquisition | 44,220 | — |
| Conversion of debt to common stock | — | 113,650 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.